Interested in Small Multi Family Value Adds/BRRRR

[Jason Ayala]

Hello,

I'm currently an OOS real estate investor and manage a small portfolio. I'm considering Memphis to start investing in, in order to diversify. The end goal is to BRRRR multifams on a larger scale, but I'd like to start smaller - say 6-10 doors.

Ideally, I'd like to: 

1- purchase something a little more turnkey while I build my team 

2- increase the NOI by renovating a couple of units here and there and manage expenses more diligently

3- Total cash on hand is ~$1.2m, although I'd prefer not to use it all at once.

4- The idea is to either buy with cash to try to secure a better price. Then rehab, and refinance, with the goal of building enough equity so that I can refi all the cash back out.

Or 

Use a traditional lender, put down 10-20%, and try to build enough equity by increasing the NOI, so that I can go back to the lender a few months later and refi the original down payment back out.

5- I'm not too familiar with Memphis, but I'd prefer to invest in areas that are gentrifying (ie: going from a C ->B), or find a mismanaged property in a C+ to B area that's already built up.

If anyone can recommend some neighborhoods, and zip codes, I'd greatly appreciate it.